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Assisted Living Facility Insurance

This type of insurance is absolutely essential for all assisted living facilities. However, the nature of the coverage you will need is dependent upon a variety of factors. The following are just a few of them.

Liability coverage for your facility
This forms the bedrock of your insurance needs. Although you will need general liability coverage as any other business would, there are also insurance needs that are more specific to an assisted living facility. Professional liability is at the top of the list of importance. All of the staff that provides care to your tenants is open to a potential lawsuit, and therefore, your facility is vulnerable. This includes claims of abuse by the staff. The exact amount of coverage required will be dependent upon the size of your facility as well as any legal requirements for Assisted Living Facility Insurance in Arizona, New Mexico, Nevada or any other state you operate in.

Property damage for your facility
This type of coverage is to protect your facility in case of fire or other types of damage from such things as weather. Many companies will extend the coverage to include damage from earthquakes. In this sense, it is the same type of policy as any other business would have for their building, but there are a couple of things you need to add for an assisted living facility. You will need insurance for relocation of your tenants in case of major damage to the property. You will also want coverage for damage to prescription medication that is refrigerated but spoils due to a loss of electricity.

Custom coverage for your facility
Although there are common attributes to most facilities, there are also likely special liability needs you have, so an agent should analyze your particular facility to determine what, if any, they are. A risk management assessment can be done to help reduce your liability, and the amount of coverage you require. This can include recommendations for the installation of safety features for your tenants, and updating staff procedures to reduce the chances of accidents.

Ultimately, finding Assisted Living Facility Insurance in Arizona, New Mexico, Nevada or other areas of the country can be complex, so you should always consult with an agent to make sure you are getting all of the coverage your facility needs. In addition, if you have more than one facility and they are located in two or more states, you should seek the expertise of an agent who specializes in Assisted Living Facility Insurance in Arizona, New Mexico, Nevada and other states.